Merryn Talks Money Why the Price of Gold Reflects a Long-Term Shift
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Feb 2, 2026 
John Reade, senior market strategist at the World Gold Council with 35+ years in the gold industry, joins to explain gold's recent record run. He discusses central banks as price backstops, China’s shifting demand and the role of gold as a modern safe-haven. He compares ways to own metal, silver’s supply quirks, and how Bitcoin differs from gold.
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Central Banks Kickstarted The Rally
- Central banks' gold buying after Russia's invasion started a multi-year rally by reducing reliance on Western financial assets.
- John Reade says that central bank demand acted as a foundational backstop, not the sole driver of the recent surge.
Emerging Markets Bolster Demand
- Emerging-market investment and jewellery demand formed a second wave of gold buying as property and other options weakened.
- John Reade links Chinese saver shifts and emerging-market growth to sustained investment demand.
Western Investors Added Momentum
- Western investors piled in later, driven by concerns over the dollar, Fed policy and momentum trades.
- John Reade notes a FOMO component and rapid deployable capital from Western buyers.